The Financial Regulatory Authority (FRA) has announced that it is raising the ceiling on coverage in microinsurance products by 25% to EGP312.5,000 ($6,160) from EGP250,000.
The regulator said that the move was in response to economic changes and in line with the Unified Insurance Law, which came into effect in July 2024.
The FRA also said that the higher ceiling falls within its strategy to develop insurance products and provide greater financial protection for owners of small and micro enterprises, to enhance their ability to face financial risks and support the sustainability of their businesses.
The regulator last raised the maximum coverage in microinsurance products in 2024, when this upper limit was raised by 25% to EGP250,000.
The Insurance Federation of Egypt expects its members to design new products in the microinsurance market following the new maximum sum insured quantum.